Do you use your brand in your title? Is copying your brand too? If so, he's shooting himself in the foot. If not, there isn't much you can do to address the title specifically, but there are some other things you can do to make your result more desirable to click. .
Don't change your title if you believe it's the best title for your business. If you aren't using your brand in the title, this could help users with confusion. Also, if he's copying your title, make sure to beat him out in the meta description to siphon off more click-throughs. Also look into the kinds of rich snippets you might be able to put in there to make your result stand out while you work on over taking him.
This title won't have negative repercussions for you from an SEO standpoint. I usually just smile when I see something like this happen. Imitation is, after all, the sincerest form of flattery.